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With the COVID-19 pandemic severely hurting the economy and unemployment levels skyrocketing, many homeowners are struggling to keep up with their mortgage payments. To help alleviate the impact of COVID-19, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to grant relief options for federally backed loans.

Post the Act, there has been a tremendous rise in the number of forbearance requests with around 4.3 million mortgages in forbearance, representing 8.53% of the total outstanding mortgages. The high rate of unemployment and the wave of layoffs have also meant that delinquencies among borrowers for past-due mortgages have soared majorly. Mortgage delinquencies spiked by 1.6 million in April, the largest single-month jump in history, according to Black Knight, a mortgage technology and data provider. continue reading...